ナイジェリア上場非金融企業におけるサステナビリティ報告が企業価値に与える影響

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:新興国サンプルでの開示・企業価値の価値関連性研究の比較事例として有用。

🏢実務担当者:環境開示の品質向上が企業評価に寄与しうる点を、開示戦略の参考にできる。

🏛政策担当者:新興国での開示義務化が企業価値に与える影響を検討する際の基礎資料となる。

This study investigates the effect of sustainability reporting on the firm value of listed non-financial companies in Nigeria between 2014 and 2025, with Firm Value (FV) serving as the measure of corporate value. The specific objectives were to determine the effect of Sustainability Reporting (SR), Environmental Disclosure (ED), and Social Disclosure (SD) on firm value. Using panel data obtained from five listed non-financial companies and employing panel least squares regression analysis, the study found that only one of the three explanatory variables had a statistically significant effect on firm value. Sustainability Reporting (β = 1.6055, p = 0.1479) exhibited a positive but statistically insignificant effect on firm value, indicating that increased sustainability reporting was associated with higher firm value, although the relationship was not statistically significant. Environmental Disclosure (β = 2.7147, p = 0.0001) had a positive and statistically significant effect on firm value, suggesting that greater environmental disclosure is associated with higher firm value among the sampled companies. In contrast, Social Disclosure (β = -0.1453, p = 0.8323) showed a negative but statistically insignificant relationship with firm value. The descriptive statistics revealed moderate variation in sustainability reporting, environmental disclosure and social disclosure, while firm value exhibited comparatively greater variability across the sampled firms and years. The regression model demonstrated strong explanatory power, with an R-squared value of 0.9387, while the overall model was statistically significant. The findings suggest that environmental disclosure is particularly relevant to firm valuation, whereas sustainability reporting and social disclosure do not independently exert statistically significant effects on firm value during the study period. It is concluded that listed non-financial companies should strengthen the quality and credibility of their sustainability disclosures, with particular attention to comprehensive environmental reporting, while integrating social and sustainability practices into broader corporate strategies to enhance stakeholder confidence and long-term firm value.

• openalex https://doi.org/10.5281/zenodo.23532677first seen 2026-10-24 04:49:27 · last seen 2026-11-06 05:01:18